Despite considerable improvements in the business environment in Vietnam in recent years, a number of constraints to business growth and potential remain. EuroCham believes that if such issues are left unresolved, they could inhibit Vietnam’s sustainable growth and may create detrimental conditions for both the local and foreign business community, and society as a whole.
Our success and progress is dependent on our members. Whether you are an individual, start-up business or multinational corporation, you have a role to play in making Vietnam a better business environment. EuroCham offers a plethora of opportunities for you to get involved in Chamber activities. Through our Sector Committees for instance, EuroCham provides members with channels to share and disseminate information, network and advocate business interests and issues on common ground. We strongly encourage new and existing members to channel their issues and suggestions by taking an active role in one or more of our Sector Committees.
What we want: improve the business environment
EuroCham keeps working with the Vietnamese Government and authorities to improve the business environment in Vietnam. Every quarter we publish our Business Climate Index (BCI) which is an indication of our members’ view of the business environment in Vietnam. Currently, the BCI is fluctuating around the mid-point (50 out of 100) and EuroCham continues to work together with different stakeholders to bring the index up to previous levels. In order to achieve that, there are a number of issues that we would like to see addressed. Please find below an overview of some of the key issues that we are currently focusing on. Please note that these are only an excerpt of the full list of issues and are updated on an on-going basis.
- Legal Framework Implementation and Administrative Requirements
- Market Access
- Pricing to reflect market forces
- Education & Training
- Alignment with International Standards and Regulations
For a full list of issues, please consult the EuroCham Whitebook.
How we seek to achieve change: support Vietnam
As one of the largest Business Associations in Vietnam, recognised by Vietnamese, European and other authorities as a powerful and effective lobbying and advocacy advisor for the business community in the country, we take very seriously our role as a prime mediator between the business community and the local, national, European and regional governments and authorities.
EuroCham is actively engaging with local, national, regional and global stakeholders on different levels and through a variety of forums. Please find below an indicative overview of the different ways in which EuroCham seeks to support Vietnam in becoming a more competitive market place:
- Often, it is our members who alert us to specific issues inhibiting their trade and investment operations, often through our Sector Committee meetings and activities. Once we have collected the views of our members and formed a consensus on possible remedies, we then set about working with the relevant authorities, alerting them to the issue(s) and suggesting possible and plausible solutions.
- Compiled from position papers drafted by the chairs of our Sector Committees, we annually publish the Whitebook which identifies issues inhibiting businesses in Vietnam, between Vietnam and the EU and other relevant areas such as WTO commitments and compliance. The Whitebook offers holistic and realistic recommendations to the relevant local, national, regional and European authorities. Each chapter provides a concise overview of the particular issues affecting business as well as key recommendations for each chapter, to help the Government prioritize their efforts.
- High-level Governmental round-tables, private dialogues and events with the Vietnamese Government. We work hand-in-hand with the VCCI on a number of issues of national and regional importance including the organisation of this year’s ASEAN-EU Business Summit, which took place in Hanoi.
- We support the EU Delegation to Vietnam by providing market specific regulatory and practical information on Vietnam so as to ensure a strong, implementable EU-Vietnam FTA. This also includes informing visiting high-ranking officials from the European Commission, the private sector and others of the current Vietnamese business situation and the challenges we face.
- We regularly present the most important issues at the bi-annual Vietnam Business Forum (VBF) to reach a wider audience, including key decision makers from local, national, foreign and regional authorities, heads of diplomatic missions, leading figures in local and foreign business and fellow business associations. In return, we are often consulted by national and foreign authorities for input on proposed trade and investment policy.